Tel Aviv real estate developer, Hagag Group, announced on Wednesday that they’ve acquired the building rights to the ultra-desireable lot on the corner of Ibn Gabirol and Arlozorov Streets in the Old North of Tel Aviv.According to Hagag, the project they plan to build will comprise of 50-stories and approximately 200 apartments. The project, when completed, will be one of Tel Aviv’s tallest buildings and will dominate the skyline in the northern section of the city.
Last month, construction began on the highly anticipated Arlozorov 17, located on the corner of Ben Yehuda Street near the beach. Additionally, the Assuta towers, built on the remains of the former Assuta Hospital on Jabotinsky Street with the corner of Yehoshua Ben Nun, is set to commence work in 2013. The Old North neighborhood, known for decades for its luxurious apartments, shops, and restaurants, will now join the rest of Tel Aviv with the construction of high-rise residences, changing the overall character of the neighborhood in the years to come.